Still more developments join the en bloc rush

Last year, 28 residential sites and 3 commercial sites were sold for a total of $8.73 billion. That is a tremendous leap from the $1 billion from the 3 sites sold in 2016. And the lineup of public tenders of private sites do not seem to letting up, at least not yet.

3 more private sites up for public tender

Joining the rush of en bloc sales are 3 more developments – Eunos Mansion, Makeway view and ICB shopping centre. Despite projects now having higher asking prices, they are still drumming up interest from developers.

The freehold Eunos Mansion has been put up for collective sale with a reserve price of $218 million.

The project has received 80% approval from the owners to launch the tender and the land rate works out to be $1,218 psf ppr. The mid-size site is near the up-and-coming Paya Lebar Regional Centre and currently holds 107 units. The site has a land area of 10,380.4 sq m and can be developed into a 165-unit residential development based on a 100 sq m average unit size.

A rare commercial site up for tender is the ICB Shopping Centre, a freehold mixed-use development off Upper Serangoon road. It is their second attempt at the en bloc process and this time they have a reserve price of $60 million.

The project has a 100% owners’ consent and its mixed-use identity is expected to draw some interest.

Makeway View latest addition to the en bloc market

A 10-storey condominium in Newtown is the latest addition to the booming collective sale sector.

Makeway View has been launched for sale with an asking price of $168 million. There is a $17 million development charge and the land rate works out to be approximately $1,589 psf ppr.

This 3,863.1 sq m plot has a gross plot ratio of 2.8 and could be developed into a 22-storey project with 154 units based on the average apartment size of 70 sq m.

This district 9 site is near the New MRT interchange, the Newton food centre and various schools such as Anglo-Chinese School (Junior), Anglo-Chinese School (Barker Road) and St. Joseph’s Institution Junior.